International talks are currently ongoing in Paris on global standard rules for governments to receive taxes from digital and technology firms with significant economic presence in foreign countries Nigeria is set to utilise its legal provisions that empower the Federal Government to collect taxes on profits made in the country by global technology and digital … Read more
Akabueze suggested that the country could grow its revenue by eliminating all regressive subsidies The Director-General of the Budget Office of the Federation, Ben Akabueze, on Tuesday said cutting budget allocations to Federal Government agencies would not have a significant impact on Nigeria’s revenue. Akabueze made the disclosure in Abuja at the launch of the … Read more
The Central Bank of Nigeria (CBN) has refuted planning to nationalise Unity Bank Plc as alleged by an online news medium. Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety. He said: “The report is fake news. There is … Read more
Ahmed added that the approval was based on the need for funding to ensure that Nigeria is able to meet its commitment under the Nigerian Comprehensive AIDS programme. The Federal Executive Council (FEC) has approved a draft supplementary budget of ₦895 billion for 2021. Minister of Finance, Zainab Ahmed, revealed this when she briefed State … Read more
CGC Nigeria Ltd abandons Lagos-Badagry Expressway project Reps Vow to invite Fashola over slow pace of work Reps accuses CGC of not taking project seriously at all The House of Representatives has expressed disappointment that no staff of CGC Nigeria Ltd, the contractor handling Lagos-Badagry Expressway, was on site when its members visited the project … Read more
There was a mild drama at the committee’s session when representatives of Western Lotto and Premier Lotto clashed at the event. Western Lotto, established by late Buruji Kashamu, claimed it has the franchise to run the Ghana Games in Nigeria, while Premier Lotto, which is challenging the claim, is believed to be owned by Chief … Read more
Immediate past Senate President Saraki, CSOs has urged governments to make insurance of markets mandatory. EkoHotBlog reports that A former Senate President, Dr. Abubakar Bukola Saraki, has said that the Senate on resumption of plenary will further probe the NNPC on diversion of dividends from the Nigerian Liquefied Natural Gas (NLNG). Dr Bukola Saraki, and … Read more
The Central Bank of Nigeria has charged States Governors to ensure their States are economically visible. EkoHotBlog reports that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has urged State Governors to make their States viable for economic development. Emefiele who made the plea on Thursday, at the inauguration of the Rivers … Read more
On the effect of the Coronavirus pandemic, the MPC advised against another total lockdown stating that this will reverse most of the economic gains… The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again voted to retain the monetary policy rate at 11.5 percent. The announcement was made by the CBN … Read more
Forbes’ Real-Time Billionaires rankings track the daily ups and downs of the world’s richest people. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. French fashion tycoon, Bernard Arnault is now the world’s richest man after his net worth climbed to $186.3billion. … Read more
The NAFEX window is a market trading segment for investors, exporters and end-users The Central Bank of Nigeria (CBN) has now pegged the exchange between naira and dollar to N410.25/$1. The new rate is sequel to the apex Bank adoption of the Nigerian autonomous foreign exchange (NAFEX) rate — further weakening the naira by 8 … Read more
Federal Govt has assured Nigerians that there’s no plan to hike petrol pump price. The federal government has assured that despite the huge burden of under-recovery, it has no plan to increase the price of premium motor spirit (petrol) to reflect current market realities. A statement signed by the Minister of State for Petroleum Resources, … Read more
The latest data by the NBS defy several predictions by economists, projecting a steady increase in inflation Nigeria’s headline inflation has dropped for the first time in 20 consecutive months, recording 18.12 per cent decrease in April year-on-year from 18.17 per cent reported in March. The National Bureau of Statistics (NBS) disclosed this in the … Read more
A leading provider of telecommunications and mobile money services with presence in 14 countries across Africa, Airtel Africa plc, has announced a Nigerian, Olusegun Ogunsanya, as Managing Director and CEO. Ogunsanya is to succeed Raghunath Mandava, who has informed the board of his intention to retire. He is expected to join the Board of Airtel … Read more
Nigeria’s debt position has been a source of concern for development experts in recent years, especially in the midst of dwindling oil revenue A former governor of the Central Bank of Nigeria (CBN) , Sanusi Lamido, has said that Nigeria’s external debt to total revenue increased from 8 per cent in 2011 to 400 per … Read more
The SEC’s move, if seen through, will mostly affect young Nigerians who have been drawn by tech to invest in foreign securities The move follows a ban imposed by the Central Bank of Nigeria, barring banks from allowing cryptocurrency-related transactions in the country Nigeria’s Securities and Exchange Commission (SEC) has warned capital market operators to … Read more
Nigeria’s economic growth is expected to be slower than other countries in West Africa due to inflation, high unemployment and COVID-19 The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted. “Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy contracted by 3.6 percent in 2020 … Read more
It was everywhere on the web that Kanye West is now the richest Black Man in the world According to reports, his estimated net worth is $6.6 billion. Forbes has rejected the assertions. Earlier reports claimed that Kanye West has emerged as the richest Black Man in American history , Forbes has condemned and dismissed … Read more
Zuckerberg’s net worth stands at US$104 billion at 36 years of age Zuckerberg’s control’s the three most used social media platforms in the world (Facebook, WhatsApp and Instagram) Zuckerberg plans to help get 50 million people globally get COVID-19 vaccines. Mark Zuckerberg has become the youngest individual on planet earth to ever be worth at … Read more
Flutterwave partnership with PayPal will boost eCommerce massively in Africa It will connect more than 300 million PayPal users to Flutterwave’s platform It is expected to increase Africa’s share of global trade. Leading African payment technology company Flutterwave, has announced a partnership with global payment giant PayPal. EKO HOT BLOG gathered that the move will … Read more